Apollo Global Management LLC (NYSE: APO) and Double Eagle Development LLC have formed Double Eagle Energy Holdings III LLC to “aggressively” pursue Permian Basin investments, the companies said in a joint press release Aug. 22.

Formation of the new company follows the $2.8 billion sale of its predecessor, Double Eagle II, to Parsley Energy Inc. (NYSE: PE), which included a roughly 72,000-net-acre position in the Midland Basin. The transaction closed in April.

Double Eagle III will pursue a similar strategy to Double Eagle II, but on a “significantly larger scale and with a more substantial upfront commitment from funds managed by Apollo,” along with the management team, according to the release.

The company will be led by John Sellers and Cody Campbell as co-CEOs. In addition to forming and leading its predecessor companies, Sellers and Campbell also manage Double Eagle Development, which has been one of the largest independent acquirers of oil and gas leasehold interests across Texas and the Midcontinent, the release said.

“The continued strong relationships with [Apollo’s] team, paired with their funds’ financial strength and track record of success allow us to aggressively pursue larger and more numerous opportunities in the most prolific basin in North America,” Campbell said in a statement. “With the integration of our world-class operating team and the collective resources of the Apollo team, Double Eagle III will look to continue the strategic and successful acquisition and development of high-quality oil and gas assets in the Permian Basin.”